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What Is The Average House Price Across Nova Scotia?

What is the average house price across Nova Scotia?

So far in 2020, it is proving to be a sellers-market in the Nova Scotia real estate industry. With plenty of buyers but few homes for sale, sellers are profiting from increasing home prices.  Province-wide, the average house price was $289,243 in July 2020, which represents a 15% increase over the average home price in July 2019. Comparatively, the average house price throughout the first seven months of 2020 rose 8.2% from 2019 to $277,940.

It is anticipated that the strong pricing position of Nova Scotia real estate will continue throughout the rest of the year as demand continues to outweigh supply.

What are the averages?

Depending on where you’re looking to live, the average house price varies across Nova Scotia. Here are the average prices in a number of regions in Nova Scotia, based on data from the Canadian Real Estate Association (CREA). 

Halifax/Dartmouth: $363,692

South Shore: $275,900

Cape Breton: $164,842

Yarmouth: $157,804

Annapolis Valley: $219,677

Many factors go into setting the price of a home. Whether you’re looking to buy or sell, here are some things to keep in mind when comparing and determining home prices.  

Housing Supply

Arguably the most influential factor right now, housing supply plays a large role in determining prices. Following simple supply and demand economics, if supply outweighs demand, then prices will fall. Conversely, if demand outweighs supply, then prices will increase to reflect the demand. Currently, there is an increased demand for homes across Nova Scotia. However, there is a lack of supply, leading to an overall increase in average home prices.

Location of the Home

Location is everything. Buyers generally determine their search radius based upon proximity to work, schools, entertainment, city centers, and other factors. Therefore, sellers consider this when pricing their home. The more lucrative the location, the more the seller can get away with asking for. Beyond proximity, factors such as the neighbourhood’s general economic health, its crime rate, demographics (i.e. family neighbourhood vs. single, working professional community), all play a role in determining the asking price.

Comparable Sales

A good way to gauge if a home is reasonably priced is to compare the asking price with what other homes have sold for in the region. Make sure to compare with homes that have similar square footage, amenities, and age to get the most realistic benchmark. This is a great way to get an idea of what to expect for housing prices, however, note that there are other factors that go into a home’s price, including the condition of the home.

Condition of the Home

Homes that are well-maintained, renovated, and upgraded can demand a higher price point than comparable homes without these improvements. Anything the previous owner has done to make their home more lucrative to future owners, warrants a higher asking price. If you’re not afraid of doing renovations yourself, purchasing a home that requires some work can be a great way to save on your down payment and mortgage.

Doing your research to understand current market trends and conditions is an important step for both buyers and sellers. You want to make sure you’re entering the market prepared and ready to make the most of any opportunity that comes your way. When considering buying a home this fall, be sure to give us a call at Clinton Wilkins Mortgage Team! You can give us a call at 902-482-2770 or get in touch with us here!

1. The TeamClinton.ca “Fall Into Homeownership Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on September 6th, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on September 18th, 2020 (the “Contest Completion Date”). The Contest will have a series of prizes including:

  • One (1) daily prize draw for two (2) ticket vouchers for a future Halifax Wanders game (the “Daily Prize”) starting on September 8, 2020. The Daily Prize is valued at $65.00 CAD. There are no cash alternatives or substitutions.
  • Two (2) weekly prizes (the “Weekly Prize”) for a pair of season tickets with draws occurring on September 11, 2020, and September 18, 2020. Each Weekly Prize is valued at $450.
  • One (1) grand prize (the “Grand Prize'') that includes hotel accommodations, a restaurant gift card, and a Halifax Wanderers swag bag including two (2) game vouchers for a future Halifax Wanderers. The Grand Prize is valued at over $500.00 CAD. There are no cash alternatives or substitutions.

    2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time. 

    3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

    4. Participants will receive one (1) contest entry for signing up to email and/or mobile phone updates. This is limited to one entry per person through the online sign up form.

    5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

    6. The Grand Prize is valued at $500.00 CAD. There are no cash alternatives or substitutions.

    7. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

    8. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

    9. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

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The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!